When a person passes away without a will or plan, it can leave loved ones and next of kin in a difficult position. A lack of clear, legally valid plans is behind many estate litigation issues in Ontario.
With so much on the line, it’s fair to wonder why individuals would neglect estate planning. There are a few common reasons why individuals might not engage in this important process.
One of the main reasons that you might put off estate planning is simply discomfort. Many people might feel uncomfortable thinking about death. Others may want to avoid having difficult conversations with family and loved ones. Fear of addressing tough realities can cause you to procrastinate on this task.
Another main reason is a lack of understanding. It is, of course, reasonable to delay estate planning until you understand more about your options and financial situation. However, if you feel you lack understanding about estate planning, it’s a good idea to find professional advice and educate yourself rather than delay the process.
One final reason you might put off estate planning is that you think you don’t have enough assets to bother with it. However, assets aren’t the only thing to consider. Even seemingly small assets like a car can cause conflict after a person passes away. Guardianship of pets and children, responsibility for debts and even last wishes and funeral requests are all part of this process.
It is normal for Ontario individuals and families to feel uncomfortable or overwhelmed at the idea of estate planning. However, the immediate challenge of learning more and working with a lawyer on a will is far less daunting than facing estate litigation. Whether you are looking to create a will, or you need advice on executing an estate without proper planning, working with a local estate lawyer can help to clarify the situation.